https://www.taxtmi.com/caselaws?id=6689 The High Court ruled that the assessee-company was entitled to the exemption under Section 5(1)(xxi) for Rs. 33,01,964 for the assessment year 1957-58. The Court interpreted "set up" as meaning "completed or ready to commence business" and held that the exemption period should commence from the assessment year 1957-58, irrespective of when the unit establishment operations began. The assessee was granted the exemption for the assessment year 1957-58 as it fell within the five-year exemption period starting from either the commencement of operations in May 1955 or April 1, 1957. en-us Wed, 15 Dec 1965 00:00:00 +0530 Sun, 01 Feb 2009 06:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6689 The High Court ruled that the assessee-company was entitled to the exemption under Section 5(1)(xxi) for Rs. 33,01,964 for the assessment year 1957-58. The Court interpreted "set up" as meaning "completed or ready to commence business" and held that the exemption period should commence from the assessment year 1957-58, irrespective of when the unit establishment operations began. The assessee was granted the exemption for the assessment year 1957-58 as it fell within the five-year exemption period starting from either the commencement of operations in May 1955 or April 1, 1957. Case-Laws Wealth-tax Wed, 15 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6689